Business Cents

Welcome back to Business Cents. This episode is a little different. Melissa and Lloyd pause the usual playbook to share something personal: the unexpected passing of their partner and friend, Jeremy Klibert, and what the past couple of months have looked like for the team. No action items, no frameworks. Just an honest, vulnerable conversation about navigating grief as business owners and leaders,...

Welcome back to Business Cents. In this episode, Melissa and Lloyd tackle a topic that's been buzzing through business conferences and boardrooms alike: leading indicators, and why they matter just as much as the financial metrics you're already tracking. They break down the difference between lagging and leading indicators in plain terms, walk through real examples like sales pipeline, cl...

Audits do not have to feel like interrogations, but "red flags" can still worry business owners. In this episode, Lloyd and Melissa explain what tends to draw auditor attention today, including a closer look at a company’s IT environment and internal controls. Melissa raises the common fear of being "in trouble" over a question, and Lloyd clarifies that unusual swings, like sudden revenue jumps or...

In this episode, our hosts explore how they’ve integrated AI into their own firm, from hiring expert consultants to drafting rigorous security policies that keep client data safe. During this process, they realized how tempting it can be to fall into the "ostrich effect," burying their heads in the sand and wishing AI would simply disappear. To stay competitive in today’s rapidly evolving market,...

Welcome back to Business Cents. In this episode, Melissa and Lloyd break down when a business actually needs an audit, who typically requires it, and what an audit does and does not do. They clear up common misconceptions about fraud detection, explain “reasonable assurance” and materiality in plain language, and walk through the difference between an audit, a review, and a compilation using a sim...

Profit ≠ cash. And if you’re running a business, that difference matters more than you think. In this episode of Business Cents , we break down a common (and costly) misconception: just because your income statement shows a profit doesn’t mean you have cash in the bank. We cover: • Why accrual accounting can create “phantom income” • How accounts receivable quietly strangles cash flow • Why poor b...

Ever leave a meeting thinking, “We just burned an hour… for something that could’ve been solved in an email”? Same. In this episode of Business Cents, Lloyd and Melissa get candid about why meetings go off the rails, and how to run meetings that actually move the business forward. We break down the biggest meeting-killers (no real issue identified, lack of honesty, zero ownership), why unstructure...

In Business Cents S2E4 , Faulk & Winkler and Sentinel partners Lloyd Johnson and Melissa Terito walk through the red flags that should immediately catch your attention when reviewing your financials — and why you should care. Because if the numbers are wrong, the KPIs tied to performance are skewed… and you’re not deciding, you’re guessing. Here are a few red-flag reminders to carry into 2026:...

What happens to your business if you have to step away unexpectedly—because of a family emergency, a health issue, a key employee leaving, or a major client walking out the door? In this episode of Business Cents , Lloyd and Melissa introduce the “Two-Week Test” : a simple (but revealing) way to find out whether your business can actually operate without you or another key person. They break down...

Cash balance plans can be a powerful tax and retirementplanning tool for the right business owner, but they’re more nuanced and more of a commitment than most people realize. In this episode, Lloyd and Melissa break down how a cashbalance plan works alongside a 401(k)/profit sharing plan, how retroactive setup works, and what it actually takes to implement it correctly with the right providers and...

Your retirement plan should be doing more than “existing.” In this episode, Melissa and Lloyd break down employer-sponsored retirement plans in plain English – what they are, why business owners start them, and how plan design can unlock bigger tax savings while still rewarding employees. We cover the most common setups (401(k)s, SIMPLE IRAs, and cash balance plans), who cash balance plans actuall...

It’s the holiday finale of Business Cents, and Lloyd Johnson is joined by Ben Vance to help business owners slow down, reflect, and set smarter goals for 2026. In this episode, they share why year-end reflection matters and why looking back beyond just the last 12 months can reveal bigger wins and clearer patterns. They also unpack common misconceptions that can derail planning, like revenue does...

Think you can run your business without a budget? Think again. In this episode of Business Cents , Melissa Terito and Lloyd Johnson tackle one of the least “fun” but most essential parts of running a successful business - creating and sticking to a budget. They break down why budgeting isn’t just about spreadsheets and numbers, but about accountability, clarity, and long-term stability. Melissa an...

Think your revenue looks great but your bank account tells a different story? In this episode of Business Cents , Melissa Terito and Lloyd Johnson break down one of the most misunderstood yet most revealing financial reports: the cash flow statement. Lloyd explains why it’s his favorite financial statement, how it connects to your income statement and balance sheet, and what key numbers reveal abo...

In this episode of Business Cents , Lloyd Johnson and Melissa Terito break down the essentials of understanding your financial statements, what they are, why they matter, and how to actually use them to make smarter business decisions. From explaining the difference between cash and accrual accounting to demystifying your P&L, balance sheet, and cash flow statement, Lloyd and Melissa share pra...

Every business owner has heard the term KPI —but how many are actually using them to make smarter, faster decisions? In this episode, Melissa Terito and Lloyd Johnson break down what key performance indicators really mean for your business and how to choose the ones that actually move the needle. They cover: The difference between leading and lagging indicators (and why both matter) How to design...

In this episode of Business Sense , Melissa and Lloyd unpack one of the most powerful concepts from the Entrepreneurial Operating System (EOS) — “Right People, Right Seats.” Whether you’re leading a growing firm or managing a small team, getting this balance right can transform your culture, clarify accountability, and set your business up for long-term success. They share how implementing EOS and...

After exploring the art of delegation in the last episode, Melissa and Lloyd take the conversation one step further — into the who , not the how . Inspired by the book Who Not How by Dan Sullivan and Dr. Benjamin Hardy, this episode challenges the mindset of “How am I going to get this done?” and reframes it to “Who can help me get this done?” Melissa and Lloyd share how this shift in thinking can...

Hosts Melissa Terito, CPA and Lloyd Johnson, CPA explore a business skill that every leader struggles with at some point: delegation. From the small “30-second tasks” to major client deliverables, they break down why letting go is not dumping work—but a strategy to grow capacity, empower people, and reduce mental load. With candid stories and step-by-step strategies, they show how delegation becom...

Hosts Melissa Terito, CPA and Lloyd Johnson, CPA dig into a topic Melissa keynotes often: boundaries . From shifting out of constant reactivity to protecting deep-focus time, they share candid stories (including Melissa’s turning point with burnout) and practical moves any owner or leader can start this month. In this episode, you’ll learn: Why “freedom lives in structure” for entrepreneurs and te...

Welcome to the very first episode of Business Cents with hosts Lloyd Johnson and Melissa Terito, CPAs and partners at Faulk & Winkler. In this kickoff conversation, Lloyd and Melissa dive into one of the biggest challenges business owners face: cash flow management . They break down why billing practices matter, how to structure payment terms to reduce reliance on lines of credit, and practica...